Form Instructions 1120-S (Schedule K-1) Downey California 2024-2025

Form Instructions 1120-S (Schedule K-1) Downey California: What You Should Know

Don't complete the Form 1120S until this date. This information is not required until your Form 1120S is due. Form 1120S If you are a shareholder, you will notice that some information for each shareholder is found on other columns of the Form 1120 S. Those columns are for the accounting period in which the corporation filed its tax return. To find your accounting period information for an S corporation, find the line labeled “Audited” on the “Auditor's Report” column on page 2 of. Form 1120 S If you are not a shareholder, you will notice that your information is not in the right columns of Form 1120 S. If you are not a shareholder, you will notice that your information is not in the right columns of Form 1120 S. Click on the line called “Other Items” to see the items you will need to get to the correct column. Find information in box 1, “Other Income” and in box 2, “Other Expenses,” in columns 2 through 4 on the second page. Then enter your S corporation information in the “Other Income” column. Click on box 6 to see the columns. Find your total income including your share of the corporation's capital gain, your share of the corporation's income before adjustments were made (such as the adjustments described in box 4 and boxes 5 through 8 of the Form 1120 S) in box 7. Enter this amount on line 13. Enter your additional income, deductions, and credits. Enter on line 14 the amount of the corporation's tax on this income. Enter on line 15 the amount the corporation deducted for the corporation's federal corporation tax. If you are a shareholder, use the line 12 of your Schedule K-1 to figure how much to enter on lines 14 through 16. You can include your adjusted gross income in box 14 and deduct any income taxes as reported on Schedule K-1. If you are not a shareholder, your total income, deductions, and credits will be on line 6, columns 2 through 4. Find your total income on line 6. You will need to figure out the amount to include in box 6 and enter that amount on line 2. This sum is your adjusted gross income. If you can't find the amount of your adjusted gross income, don't worry! You can always make your own estimation by multiplying you adjusted gross income by the percent you want to make out of a maximum payment tax of 10 percent.

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